As the US-China competition gets sharper, President Joe Biden’s decision to impose sweeping controls on the sale of semiconductors to China has brought the first taste of success—the world’s largest microchip manufacturer is raising its investment to US$40 billion in the United States (US). The Taiwan Semiconductor Manufacturing Company (TSMC) announced last week that it was upping its investment in Arizona from US$12 billion to US$40 billion and building a second chip plant in the state. Biden was in Phoenix to relish the moment. “American manufacturing is back, folks,” he exulted. The US was a major semiconductor producer in the...